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Abu Dhabi, Feb 17: NMC Health Plc, a hospital operator targeted by short-seller Muddy Waters, said founder Bavaguthu Raghuram Shetty resigned amid investor concern he faced a margin call and misrepresented his stake.

The board asked for Co-Chairman Shetty’s resignation and it takes effect immediately, according to a person with knowledge of the situation. NMC has lost four board members since Friday, including Vice Chairman Khaleefa Butti, whose holdings are also being probed. The stock, the worst performer on the FTSE-100 Index this year, fell as much as 9.2 percent Monday morning and then rebounded.

“The resignation of senior board members should be viewed positively,” said Abdulla Nahlawi, an analyst at Rasmala Investment Bank in Dubai. “The credibility of the current board has been jeopardized with the unfolding of the recent events.”

NMC shares lost almost half their value the first week of February on speculation the company’s main investors faced a margin call, in which banks seize shares pledged as collateral. NMC said Friday that First Abu Dhabi Bank and Al Salam Bank Bahrain obtained 20 million shares in the company from BRS International Holding, an investment vehicle of NMC’s top shareholders. The banks sold more than 8 million of those shares as “enforcement of security,” NMC said.

NMC operates the largest medical network in the United Arab Emirates and in 2012 became the first Abu Dhabi company to list in London. The shares started teetering in mid-December when Muddy Waters alleged that NMC manipulated its balance sheet and inflated the prices of companies it acquired.

Shetty, 77, was born in India and founded NMC in the 1970s after moving to Abu Dhabi. His spokesman said a legal review of the situation is ongoing and declined further comment.

Chief Investment Officer Hani Buttikhi and board member Abdulrahman Basaddiq also stepped down because they were appointees of Shetty and Butti, NMC said, adding that they had no knowledge of the share transfers.

Questions remain over the role of Shetty’s family at the company. His wife and son-in-law both hold roles in senior management.

Almost 10 per cent of NMC’s freely traded shares are shorted, according to Markit Securities data. In mid-December about a third of them were.

Last week GKSD Investment, an investment company backed by hospital investors, said it’s studying a possible offer for NMC. Under U.K. takeover rules, it has until March 9 to make a bid.

NMC has said Muddy Waters’s claims are false and the company hired former FBI Director Louis Freeh to conduct an independent review. The review is due to be completed before the company issues its financial results in March, the person said.

NMC said Mark Tompkins will continue as the company’s sole chairman.

Mangaluru/Udupi: A total 237 people tested positive for the novel coronavirus in Dakshina Kannada (DK) and Udupi on Sunday, a day that DK scaled yet another peak with 196 cases and Udupi tallied 41. 

The grim reaper came calling on patients with co-morbidities, harvesting five souls, to take the total tally of deaths in DK to 46. The spurt also saw DK’s tally of positive cases rise to 2,230 and Udupi’s to 1,608.

The 196 fresh cases in DK included 91 cases of influenza like illness (ILI), the cause of infection in 57 people is yet to be known, 20 are primary contacts, 16 are those with severe acute respiratory infection (SARI), 10 are those with international travel history and two are pre-surgery samples, said deputy commissioner Sindhu B Rupesh. The five deceased include three men and two women, the youngest victim being a 50-year-old man and oldest a 72-year-old man.

A total 94 patients were discharged from the designated Covid-19 and private hospitals in the city, taking the total number those discharged to 876, and paring down the number of active cases to 1,309. The commissioner of Mangaluru City Corporation, tested positive for the novel coronavirus on Sunda. Deputy Commissioner (revenue), MCC, a primary contact, has home quarantined himself in the wake of this development.

In neighbouring Udupi, the double-digit blip on the Covid-19 radar included 32 primary contacts, six with inter-district travel history, two with inter-state travel history and one patient with international travel history, said district health officer Sudhir Chandra Sooda. The fresh cases also included four children. The discharge of 28 patients took the total numbers of those discharged to 1,273, and there are 332 active cases now. The district has recorded three deaths due to the pandemic thus far. 

Bengaluru, Apr 26: Three new cases of COVID-19 have been reported in Karnataka in the last 24 hours, taking the total number of cases in the state to 503 as per Karnataka government.

There are 302 active COVID-19 cases in Karnataka presently, while 182 patients have been discharged, 19 deaths have been reported, state government informed.

The total number of positive coronavirus cases across the country are 26,917, including 20,177 active cases of the virus. So far, 5,913 patients have either been cured or discharged while 826 deaths have been recorded in the country, as per data provided by the Union Ministry of Health and Family Welfare.